Long-Run Equilibrium in a Bertrand Type Oligopoly Model with Cobb-Douglas Demand and Production
William C. Kolberg
January 27, 2010
This paper explores the character of long-run equilibrium in an oligopoly model with Cobb-Douglas production and demand. The model is a Bertrand type model in that firms choose production, but the product may be differentiated as well as homogeneous in nature. The long run equilibrium explored here does not permit entry or exit, so in that sense it is considered oligopoly.
Number of Pages in PDF File: 8
Keywords: Price Competition, Oligopoly, Bertrand, Long-Run Equilibrium
JEL Classification: D43, L13
Date posted: January 28, 2010 ; Last revised: August 25, 2010